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While a debt repayment plan can eliminate much of the stress that comes from
dealing with creditors and overdue bills, it does not mean you can forget about
your debts. bill consolidation You still are responsible for paying any
creditors whose debts are not included in the plan. bill consolidation
You are responsible for reviewing monthly statements from your creditors to make
sure your payments have been received. bill consolidation If your
repayment plan depends on your creditors agreeing to lower or eliminate interest
and finance charges, or waive late fees, you are responsible for making sure
these concessions are reflected on your statements. bill consolidation
bill consolidation A debt repayment plan does not erase your credit
history. bill consolidation Under the Fair Credit Reporting Act, accurate
information about your accounts can stay on your credit report for up to seven
years. bill consolidation In addition, your creditors will continue to
report information about accounts that are handled through a debt repayment
plan. bill consolidation For example, creditors may report that an
account is in financial counseling, that payments may have been late or missed
altogether, or that there are write-offs or other concessions. bill consolidation
A demonstrated pattern of timely payments will help you obtain credit in the
future. bill consolidation
bill consolidation Auto and Home Loans: Debt repayment plans usually
cover unsecured debt. bill consolidation Your auto and home loan, which
are considered secured debt, may not be included. bill consolidation You
must continue to make payments to these creditors directly.
bill consolidation